In this article we will discuss about:- 1. Introduction to Material Control 2. Need or/Objectives of Material Control 3. Essentials 4. Advantages 5. Materials Management and Organisation. Introduction to Material Control: A major objective of Cost accounting is Cost Control. Every element of cost has to be effectively controlled. Out of the three elements of cost i.e., Material, Labour and [...]
The following are various inventory control techniques and methods used in different industries: 1. Demand and Supply Method of Stock Control - Levels of Stock and EOQ 2. Stock Control According to Value-ABC Analysis 3. Perpetual Inventory System 4. Just-In-Time Inventory (JIT) 5. VED Analysis 6. FSND Analysis 7. Automatic Order System 8. Ordering Cycle Method 9. Min-Max Method and [...]
The material requirements of production are issued on the basis of material requisitions. The output is obtained along with wastage, scrap, spoilages and defectives. The accurate cost of output can be computed after taking the losses into account. Losses in the form of waste, scraps, spoilage and defectives are inherent and inevitable with any manufacturing activity. These losses can be [...]